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The initial public offering of Saraswati Saree Depot Ltd. was fully subscribed on day one, led by non-institutional and retail investors. The issue opened for subscription on Monday with a price band of Rs 152-160 per share.
The public issue consists of a fresh issue of 64.9 lakh shares and an offer-for-sale component consisting 35.01 lakh shares, according to the price band advertisement. The minimum lot size for bidding will be 90 shares, with further bids to be made in multiples.
Tejas Dulhani, Amar Dulhani, and Shevakram Dulhani will be the promoter group selling shareholders.
Unistone Capital Pvt. will be the sole book-running lead managers for the IPO. The equity shares are proposed to be listed on the BSE and the National Stock Exchange.
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Issue Details
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Issue opens: Aug. 12.
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Issue closes: Aug 14.
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Issue price: Rs 152 to Rs 160 per share.
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Fresh issue: Rs 104 crore.
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Offer for sale: Rs 56.02 crore.
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Total issue size: Rs 160 crore.
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Bid lot: 90 shares.
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Listing: BSE and NSE.
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Use Of Proceeds
Saraswati Saree Depot is a key player in the saree wholesale segment. The company is also engaged in the wholesale business of other women's apparel such as kurtis, dress materials, lehengas, and bottoms.
Funds collected through the fresh issue will be used to support working capital requirements and for general corporate purposes.
Subscription Status: Day 1
The IPO has been subscribed 2.03 times as of 1:06 p.m. on Monday.
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Qualified institutional buyers: 1 times.
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Non-institutional investors: 3.69 times.
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Retail investors: 2.8 times.
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